Hi, my name is Scott Ko and I’m a Mortgage Broker in the metro Vancouver area. My job is to help you to save money when you take out a mortgage, refinance or renew an existing one. But before you engage my services, maybe you’d like to know a little more about me and why I’m doing this.
I’ve lived in metro Vancouver, British Columbia...
What are the benefits of using a mortgage broker?
1. Advice on your financial options.
Mortgage brokers can make recommendations and draw from available mortgage products that match your needs and help you decide what is right for you.
2. Save time with one-stop shopping.
It can sometimes take weeks to organize appointments with competing...
Besides, the down payment, there are other costs involved when purchasing real estate. The following costs are approximate and may vary with your specific real estate transaction.
Property Transfer Tax
1% on the first $200,000 and 2% on the balance. First time buyers may be exempt from paying this tax if the purchase price in the Vancouver...
WHAT THEY’RE SAYING ABOUT ME…
Scott is so helpful in getting timely quotes and rates for me. He pulled wonders out of a hat and was able to get me into a starter home with my transition back to Vancouver with relatively little work history in Vancouver. You are worth your weight in gold. I mean it. Scott saved me so much...
A November 10, 2011 Globe and Mail posting on personal finance recently revealed that certified financial planners in Canada are recommending that clients “seek the help of a mortgage broker when it comes time to buy a house, or refinance or renew a mortgage.” Is this a growing trend?
In a recent Canadian Mortgage Trends.com interview with Geoff Parkin, the President of the Mortgage Brokers Association of British Columbia, Parkin claims that mortgage brokers are in a position to provide the best rate competition for each specific client. Meeting the individual needs of different clients is part of providing excellent financial advice when it comes to mortgage issues.
This means that a broker is far more likely to understand the importance and financial ramifications of individual needs such as prepayment flexibility, line of credit options and even the need of a client to port interprovincially. It’s no wonder that financial planners are recommending brokers over the banks when it comes to mortgages. For one, mortgage brokers provide their services at no cost to their clients. This means there’s no downside to seeking financial information about mortgage options.
On the broker’s side, there is strong motivation to provide education as a brokers income comes from matching a borrower with a lender. The lender then pays the mortgage broker for negotiating the match. Another benefit of using a mortgage broker for your financial planning is the fact that brokers are required to give their clients the best rate available, or to disclose the reason the rate is higher and where the compensation is going. Of course, it’s important that consumers do their homework before they choose a broker to be part of their financial management plan.
Not every broker has the level of experience to provide sound mortgage advice. It’s important to find a broker with a solid reputation and proven experience. If you do find yourself working with a rookie, it doesn’t need to be a problem. Everyone needs to start somewhere. Just make sure that the brokerage has a mentoring program where new brokers are given all the support necessary to ensure they give you the same level of service you would get working with a seasoned pro.
In fact, you could receive better advice with two working on your needs. It’s important to realize as well that not every new mortgage broker enters the field a complete novice. Bank lenders are transitioning into the broker industry. With this background, a broker gains the ability to guide you into the right financial planning for your mortgage needs quickly.
